Better Place might not be such a good one when it comes to employment, given reports that the electric vehicle infrastructure network might fire as many as 200 workers. According to the Israels business publication Globes, Better Place, which at one point employed as many as 400 people in Israel, has already pink-slipped about 140 people.

Many of those on the firing line work in development and software, the publication said. Better Place confirmed to the publication that it was firing some people as part of its reorganization to make the company more financially solvent.

The recent months haven't been kind to Better Place, which has had orders for its electric vehicles from Israel-based leasing companies frozen in the wake of the reorganization. In October, company founder Shai Agassi stepped down and was replaced by Evan Thornley, the previous CEO of Better Place Australia.

The company has been estimated to have lost about $437 million since its 2007 founding, including about $128 million this year. Last month, Better Place said it would try to sell about $100 million in company equity, with Israel Corp., the company's biggest shareholder, set to fund about two-thirds of that total. Such cash would help Better Place broaden its current network of battery-swapping stations and charging units in Israel, Denmark and Australia.


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    • 1 Second Ago
  • 8 Comments
      Spec
      • 2 Years Ago
      Yeah, Better Place never even had much support in the ABG community . . . even the green car fans don't like you then how are you going to prosper. Personally, I could never get over the fact that the scheme required a big up-front investment by people and then locked those people into being dependent on a single supplier. Such a single supplier could then raise service rates at will.
        Joeviocoe
        • 2 Years Ago
        @Spec
        ABG readers are made up mostly of individual, personally owned, passenger car drivers. Not fleet users. Better Place is not well suited for the masses. Might work great for selected fleet users. Taxicabs for instance.
      SVX pearlie
      • 2 Years Ago
      Shocking, simply shocking. I never would have guess that a startup would run into major financial difficulties trying to build out expensive, disruptive new technologies in a capital-intensive industry with extremely low operating and profit margins further exacerbated by declining and slowing economies across the world. Just shocking, I tell you!
      PeterScott
      • 2 Years Ago
      I said this was snake oil from the start. There really is no sound business plan here.
        SVX pearlie
        • 2 Years Ago
        @PeterScott
        It was a *very* sound business plan: ride the EV hype, collect lots of money, and hope for a miracle spending other people's money.
      Thereminator
      • 2 Years Ago
      They went to a better place.
      goodoldgorr
      • 2 Years Ago
      They should dismantle all of that, it's a bad idea. They can now buy used well maintain small gasoline cars and use them when it's needed. They can drive at low speed with the maximum possible number of peoples into the car and inflate their tires to the maximum tire pressure. Also a choice of car with manual transmissions instead of automatic can increase the average mpg.